Oceanfront Motel with
For Sale
$7,500,000
606 N Ocean Blvd. Unit 301 7th Ave N, Myrtle Beach, SC 29577
Oceanfront 54-unit motel with street-level restaurant space, plus a separate 301 7th Ave N parking parcel.
Property Size24,000 SF
Lot Size0.80 Acres
Price / SF$312.50
Days on Market45
Property Features for 606 N Ocean Blvd. Unit 301 7th Ave N
General Information
Standard status
Active
Size
24,000 SF
Lot size
0.80 Acres
Property subtype
Commercial
Zoning
MU-H Mixed
Additional Details
Opportunity Zone
Yes
Amenities
exterior pool
boardwalk frontage
beach access
Building Details
Year Renovated
2025
Listing Agency:
Realty ONE Group Dockside
(843) 527-9900
Listed By:
Liat Edri () · License #6170
Source:
Tidewaterproperties
Added: Jul 16
Changed: Aug 23
Last Checked: Aug 28 at 11:24AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Realty ONE Group Dockside
Investment Insights
Based on property information with market context.
The Diplomat is an oceanfront 54-unit motel property with a street-level commercial restaurant space that was redone in 2025. The site includes exterior amenities such as a pool and direct ocean frontage with two beach access points, one on the north side and one on the south side. A separate parcel at 301 7th Ave North provides additional parking to support operations.
The main property is located at 606 N Ocean Blvd on the boardwalk, within Myrtle Beach’s entertainment district. The offering is supported by its walk-up positioning along the Grand Strand tourism corridor.
The configuration provides mixed-use income potential with residential units combined with on-property food and beverage space, along with the convenience of an additional parking lot parcel.
The main property is located at 606 N Ocean Blvd on the boardwalk, within Myrtle Beach’s entertainment district. The offering is supported by its walk-up positioning along the Grand Strand tourism corridor.
The configuration provides mixed-use income potential with residential units combined with on-property food and beverage space, along with the convenience of an additional parking lot parcel.
Key Highlights
- Oceanfront The Diplomat: 54‑unit building on 606 N Ocean Blvd, Myrtle Beach, SC 29577
- Mixed‑use income: residential 54‑unit building plus street‑level commercial restaurant space
- 2025 redo of the street‑level commercial restaurant
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$395,928
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.28%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$7,918,560
$7.9M
Cap Rate 7%
$5,656,114
$5.7M
Cap Rate 9%
$4,399,200
$4.4M
Market Conditions
NOI Build-Up for 24,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$541.4K $22.56/SF
− Vacancy
−$13.5K −$0.56/SF
EGI
$527.9K $22.00/SF
− OpEx
−$132.0K −$5.50/SF
NOI
$395.9K $16.50/SF
Area
Horry County, SC
Vacancy
2.50%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$7,918,560
Cap Rate 7%
$5,656,114
Cap Rate 9%
$4,399,200
Alternative Uses
Best Use
Specialty Retail
$5.66M
$4.95M – $6.60M
NOI $395,928 @ 7.0% cap · market cap 5.28%
Second Best
Hotel Hospitality
$2.20M
$1.92M – $2.57M
NOI $153,900 @ 7.0% cap · market cap 2.05%
Theoretical Best
Office A
$6.08M
$5.32M – $7.10M
NOI $425,779 @ 7.0% cap · market cap 5.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
593
Businesses Nearby
40k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 74%
Dining 24%
Hotels & Casinos 2%
Circle K
Shops & Services
13,036 visits/mo
0.3 miles
Waffle House
Dining
5,077 visits/mo
0.4 miles
KFC
Dining
4,404 visits/mo
0.4 miles
Bank of America
Shops & Services
3,846 visits/mo
0.4 miles
TD Bank
Shops & Services
3,189 visits/mo
0.5 miles
Demographics for 29577, SC
34,109
Population
22,630
Households
1.5
Avg Household Size
48
Median Age
30%
College-Educated
91%
High-School Grad
22.8 sq mi
ZIP Area
1,496
Density / Sq Mi
$48,561
Median Household Income
$33,591
Median Earnings
$1,130
Median Rent
$273,700
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Motel - Oceanfront 54-unit motel with street-level restaurant space, plus a separate 301 7th Ave N parking parcel.
Where is this motel located?
The property is located at 606 N Ocean Blvd. Unit 301 7th Ave N Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $7,500,000.
What are key features of this property?
This property features: Oceanfront The Diplomat: 54‑unit building on 606 N Ocean Blvd, Myrtle Beach, SC 29577; Mixed‑use income: residential 54‑unit building plus street‑level commercial restaurant space; 2025 redo of the street‑level commercial restaurant
